(MENAFN– ecpulse)
HSBC Holdings Plc, Britain`s largest bank, reported slower-than-expected earnings growth in the first half of the year, as revenue slumped 12 percent to $34 billion amid slowdown in emerging markets growth.
Shares of London-based company were down more than 4 percent as of 07:00 EST. Chief Executive Officer Stuart Gulliver said HSBC`s fast-growing emerging markets are slowing. Second-half pretax profit was $14.1 billion, up from $12.7 billion a year earlier, but that fell short of the median $14.6 expected by analysts polled by the company. The group is valued at 134.8 billion pounds.
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